Role of single women increases in real estate market

November 20, 2011

This week's topic caught my eye when I started researching real estate topics to write about. The various articles I read on this topic all make the same assertions, to wit: single women may be the answer to the real estate market recovery.

According to the National Asso-ciation of Realtors, single women represented 21 percent of home purchases in 2009, compared to unmarried men whom purchased only 10 percent. Single women also represent one third of the growth in real estate ownership since 1994. Single women represented 58 percent of first-time buyers in 2009 compared to 47 percent of all home buyers.

There are many reasons for this shift in ownership. One is that women are climbing the corporate ladders faster, delaying marriage and having children later. Women also tend to be more educated when locating a bargain. They ask the right questions, whereas men tend to make the purchasing decision much faster. More than 50 percent of women live alone; and single mothers represent 30 percent of all women plus widows, divorcees, and those living with other adults.

Women are more likely to buy a condo, recognizing the benefit of not having to handle exterior maintenance chores and don't require more bedrooms than condos provide. Single women are also recognizing the financial investment benefits without tying their financial security to getting or staying married. Single women are also more likely to purchase homes that do not require any immediate updating, like kitchen or bathroom renovations.

Women also value a Realtor with strong communication skills and are less likely to depend on the internet in their search for a home. These same women will be asking about the likelihood of crime in the area. Single women will seek communities where they feel they can come and go safely. Proximity to health clubs and shopping will also be a consideration for these women. The most cited reason for buying is the desire to own their home.

According to Jessica Lautz, a research economist, single women are more likely to have been living with parents, relatives or friends before buying their own homes. As real estate professionals, get tuned in to the needs of single-women prospects.

Mario D'Artagnan is a broker associate with Realty World Florida Inc. He is a former investigator for the Florida Real Estate Commission. He is also a former real estate instructor. He is a published author and has been a keynote speaker on the subject of agency law, and is also a veteran of the U.S. Air Force. For questions or comments, contact him at: mariodartagnan@ya-hoo.com or call 239-565-4445.